Imagine $1,000 falls into your lap. How would you spend it? Or would you save it? Here are some ideas on what you should do with that extra cash.
Kick Debt Out the Door.Take the responsible option and get rid of that $865 balance remaining on your credit card. This option may not be the most adventurous route, but it will definitely be a weight off your shoulders. It could also add an extra $50 to your monthly disposable income and you can say "Good-bye" to interest.
700/300Ever heard of the 700/300 ratio? Me either, but this option may work the best for you. Pay off some debt with $700 and have some fun with $300; a conservative approach with a spin.
Upgrade Your Wardrobe.This may be a great opportunity for you to upgrade your wardrobe. Maybe purchase a new suit or that new purse you’ve been eyeing at your favorite high-end store. A new suit or new purse are style staples and can also come in handy when you need to look professional.
Quick Getaway, Anyone?Sometimes we just need a break to relax, recharge, and getaway. Use $1,000 for exactly this. Purchase a roundtrip flight, or gas up your car and head towards that destination you’ve always wanted to visit. Spend a couple nights in a hotel, experience the culture, eat some delicious food, and then make your way back home.
Save, Save, SAVE!Some people may consider this a less exciting option, but for those who want to play it safe – invest your $1,000 in a money market account or share certificate. Make that money work for you!
Electronic Upgrade, Please!It seems like every day there is a new upgrade available for your laptop or your cell phone. Maybe it’s time to upgrade your computer. If it weighs over five pounds, then it’s time to get rid of that desktop still using dial-up and invest in a new laptop. Upgrading your cell phone to the latest and greatest is always useful and, well, fun! Our society uses and relies on mobile devices more and more every day. You can make purchases by paying with your phone, find your location within seconds, or take a photo - all on your 5in x 3in device. It’s a good idea to invest in something so present and usable in today’s age.
Save It for that Unexpected Expense that WILL Come Up Next Month.This seems to always happen. You get some extra money, spend it, and then shortly after you conveniently get a flat tire. Well, say “NO” to that unexpected expense by saving your spare $1,000. When you find yourself at the dentist with a $500 bill, okay let’s be real, a $900 bill, guess what? You can cover that no prob. Be prepared for these situations that conveniently hit you at the most inconvenient times.
Redecorating; Hello New Walk-In Closet!Tired of staring at that old couch? Are your wooden floors starting to look like potential firewood? Time to consider a mini-home remodel! Use your extra $1,000 to do some spring cleaning around your house. Maybe organize your closet, hire someone to shampoo your carpets, replace some old furniture, or hire a landscaper to make your backyard a jungle of beautiful vegetation. Did we hear some say, "Pool Day"?
Continuing Education.Dust off your thinking cap and enroll in some classes to further your skillset. Maybe learn a new language, improve your graphic design skills, or take some cooking classes. Improve yourself mentally by taking on a new challenge.
Healthy YOU!Take advantage of your extra cash by hiring a personal trainer or joining a gym. Gyms can be on the expensive side, add a personal trainer and a new diet and watch that total grow. Clean up your diet by purchasing organic or shopping at your local grower’s market. Your body will thank you!
Donate.Give your extra cash to a charitable organization of your choice. The money will be much appreciated and you’ll feel good knowing you contributed to a worthy cause. Go all out and donate some of your time too!
Invest in a New Hobby.
Always wanted to learn pottery? Maybe gardening is more up your alley? Well the moment you’ve been waiting for is here – take on a new hobby with your spare cash. Escape your daily routine by cycling through the mountains or canoeing down the nearest river.
There are a lot of ways to spend $1,000. Just remember to weigh out the pros and cons, and make a decision that is right for you and your financial situation.